"The problem, as I see it, is (a) poor underwriting, (b) overly...

"The problem, as I see it, is (a) poor underwriting, (b) overly conservative reinsurance - when times are good they have not benefited, (c) poor investment result, and (d) high cost base (high COR). Doesn't exactly inspire confidence."

Both (a) and (d) strike me as real issues over a long time frame if consistently occuring - especially in this business. It tells me one thing if its the case (and this applies to all insurance organisations): The house is NOT in order.

Good post Kit.